- Market sentiment is pessimistic, and the price has fallen below $2.20.
- It will need a break over a 2.5$ barrier before prices start moving up to $3.
The total value of the bitcoin market declined from $2.27 trillion to $2.20 trillion in the preceding 24 hours. The market for cryptocurrencies plummeted as a few prominent cryptocurrencies shed recent gains. An attempt by Polygon (MATIC) to retake the monthly resistance level of $2.50 was halted.
MATIC’s current price is $2.10, down 3%. Strong support and resistance zones may be seen on the chart. It will need a break over a 2.5$ barrier before prices start moving up to $3. The price is now around daily resistance.
Market sentiment is pessimistic, and the price has fallen below $2.20, indicating that the bears are gaining momentum. In this case, the price might fall to $1.80.
Analyst Views on MATIC
According to crypto specialist Benjamin Cowen, the price of Polygon’s native currency, MATIC, has grown significantly in recent months. It’s the second layer protocol that Cowen compares to Bitcoin (BTC) and Ethereum (ETH), the two most popular cryptocurrencies. As Cowen puts it, the comparison between MATIC and Bitcoin is intriguing. For MATIC, it would be fantastic if Bitcoin could return to those levels.
Cowen argues that the MATIC/ETH trading pair is the ultimate indicator of an altcoin’s success or failure. As far as he is concerned, the MATIC/ETH value is reaching the previous all-time high. Ethereum would need to raise an additional 61% to 62% to maintain a consistent value. He calculated that MATIC would set back to roughly $3.50.
